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Baton vs Iconic: Fees, Process, and Which to Choose

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Chat Joglekar

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Iconic is a Los Angeles M&A advisory firm that pairs advisors with its own AI software, and it suits an established company with several million dollars in revenue that wants a confidential, advisor-led sale. Baton is the better fit for most Main Street and lower-middle-market sellers who want a published fee (6% at close, no retainer), a free valuation, and 30,000 vetted buyers.

This comparison is for owners of businesses worth roughly $500K to $10M. Iconic leans toward larger companies: it says its sweet spot is $3M to $20M in revenue and takes smaller Main Street deals only sometimes. We compare cost, process, and buyer reach, and say where Iconic is the better call.

What Iconic is

  • Founded: around 2023, according to an interview with its CEO. Based in Los Angeles; launched publicly in May 2026.

  • Founders: Erik Salazar (CEO), Aaron Webb (COO), Roberto Sanabria (Expa co-founder), and Naveen Selvadurai (Foursquare co-founder), per Iconic’s About page.

  • Model: each seller is matched with one named advisor who works on Iconic’s platform. Iconic recruits independent brokers to join on commission splits.

  • Size: Iconic said in August 2026 that it had over 100 brokers, with 300+ deals and $2.3 billion in deal value across their careers.

  • Pricing: not published. Iconic’s FAQ describes a tiered success fee, owed at closing, that falls as deal size grows.

  • Funding: a $6 million round led by Expa, reported by Axios and StrictlyVC in May 2026.

Baton vs Iconic

Baton

Iconic

Upfront cost

None. No retainer or listing fee.

No fee until close, per Iconic. A work fee for preparation may apply if agreed in writing.

Success fee

6% of the total purchase price, paid at close

Tiered by deal size. Rates not published.

Who runs the sale

A dedicated Baton advisor through close

One named advisor matched to your industry

Business size

All sizes, focused on $500K to $100M in value

Up to $100M in revenue, sweet spot $3M to $20M

Buyer reach

30,000 vetted buyers, major listing sites, and direct outreach to strategic buyers

AI matching against what Iconic calls an 850M+ profile database. No public listing.

Off-market option

Yes. Free anonymous listing to gauge buyer interest privately.

Yes. Free anonymous profile shown to its buyer network.

Valuation

Free, data-driven valuation

Free online calculator, plus a range on the first call

Contract term

Three-month exclusive, then month to month

Engagement letter. Term not published.

Time to close

Offers in about 6 weeks, close in about 6 months on average

Reports a 5.2-month median close

Pricing and features checked October 2026. Baton figures are from baton.com/pricing. Iconic does not publish its fees or contract term, so its column reflects iconic.co and the sources listed below.

Where the difference shows up

The first difference is knowing your fee up front. On a $1.5 million sale, Baton’s 6% success fee is $90,000. Iconic quotes a tiered fee per deal, with smaller deals paying a higher percentage. Each percentage point above 6% on that sale adds $15,000, so ask Iconic for its fee in dollars at your expected price, plus any work fee, before you sign.

The second is deal size. Iconic’s sweet spot is $3M to $20M in revenue. Baton focuses on businesses worth $500K to $100M with at least $100K in annual profit, and sees most buyer demand between $1M and $10M, where many Main Street owners sit.

The third is how buyers find you. Iconic never lists your business publicly. Baton lists it on its own marketplace and major business-for-sale sites and contacts strategic buyers directly, with a free anonymous listing if you want to test interest privately first. Timing is similar: Iconic reports a 5.2-month median, and Baton deals average about 6 months. Iconic is a young brand, and its track record figures are advisor career totals, so ask your matched advisor about deals they closed themselves.

Which should you use?

Choose Iconic if your company has several million dollars or more in revenue, you want no public listing at any stage, or you have met an Iconic advisor with deep experience in your industry. On a large deal its tiered rate may be competitive, so compare quotes in dollars.

Choose Baton if you want a flat fee you know up front, no retainer, a free valuation, a three-month exclusive, 30,000 vetted buyers, and SBA and bank pre-qualification for interested buyers.

Start with a number

Know what your business is worth before you discuss fees. Get a free Baton valuation.

FAQ

Is Iconic legit? Yes. Iconic is a Los Angeles M&A advisory firm whose $6 million round, led by Expa, was covered by Axios and StrictlyVC in May 2026. It launched publicly that month, so ask your advisor about their own closed deals.

How much does Iconic charge to sell a business? Iconic does not publish its rates. Its FAQ describes a tiered success fee, owed at closing, that falls as deal size grows. Baton charges a flat 6% of the total purchase price at close.

Does Iconic charge upfront fees? Iconic says you owe nothing until it closes, though its FAQ notes a work fee for upfront preparation may apply if agreed in writing first. Baton’s Seller Plan has no monthly retainer as of October 2026.

Who founded Iconic? Iconic’s About page lists four co-founders: CEO Erik Salazar, COO Aaron Webb, Roberto Sanabria of the startup studio Expa, and Naveen Selvadurai, a co-founder of Foursquare.

What are the best Iconic alternatives? For Main Street and lower-middle-market owners who want a published flat fee and a large buyer pool, Baton. See also Baton vs Transworld, Baton vs Sunbelt, and our guide to business broker commissions.

More comparisons

See every option side by side on Compare Baton, or read another comparison:

Sources

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